Step 2 allocation to assets that have increased in

Step 2: Allocation to assets that have increased in value 36,600 0
Steve's basis in the assets $81,600 $17,000 $98,600
What is each partner's ending basis in partnership interest? (Enter a "0" for any zero amounts.)
What amount and character of gain or loss is recognized by
JodiJodi,
SteveSteve,
and the
JSJS
Partnership?
7: Data Table
Assets Partnership's Basis FMV
Cash $32,000 $32,000
Inventory 35,000 37,400
Receivables 9,400 7,000
Building 45,000 95,000
Land 17,000 8,000

7.
Describe two ways in which the transfer tax (estate and gift tax) system is a unified system.
8.
In general, what is the due date for the gift tax return? What are two exceptions?
A.
The due date for a gift tax return generally is March 15th of the year after the donor makes the gift. The
two exceptions include (1) if an extension until September 15 is accepted, or (2) if the tax due is less
than $1,000 then the return can be deferred until the following year.
B.
The due date for a gift tax return is dependent upon the donor's taxable year for income tax purposes.
Two exceptions include (1) if the donor dies during the year, or (2) if an extension to nine months after
the donor's taxable year end is granted.
C.
The due date for a gift tax return generally is April 15th of the year following the year in which the donor
made the gifts. Two exceptions include (1) if the donor dies during the year, or (2) if an extension until
October 15 is granted for the filing of the gift tax return.
Your answer is correct.
D.
None of the above.